Granada GOLD MINE Amends Warrants
2875 Ave Granada
Rouyn Noranda, Québec J9Y 1Y1
Tel : 819-797-4144 / Fax: 819-792-2306
GRANADA GOLD MINE AMENDS WARRANTS
December 1, 2023 – Granada Gold Mine Inc. (TSXV: GGM) (the “Company” or “Granada”) announces
that is proposing to amend the terms of 2,727,273 share purchase warrant (“Warrants) by amending
the exercise price from $0.15 per share to $0.06 per share and extending the term of the warrants by
one year so that the Warrants will now expire on December 21, 2024.
In accordance with the policies of the TSX Venture Exchange (“Exchange”), the terms of the Warrants
will be further amended to include an accelerated expiry clause such that the exercise period of the
Warrants will be reduced to 30 days if, for any 10 consecutive trading days during the unexpired
term of the Warrants, the closing price of the Company’s shares is $0.075 or more. All other terms of
the Warrants remain the same.
The 2,272,723 Warrants were issued pursuant to a non-brokered private placement that closed on
December 21, 2021 whereby 5,454,546 Flow-through units were issued. Each unit consisted of one
common share and one half of one Warrant exercisable at $0.15 per share and expiring on December
21, 2023.
The amendment is subject to the acceptance by the Exchange and the consent of the holders of the
Warrants.
About Granada Gold Mine Inc.
Granada Gold Mine Inc. continues to develop and explore its 100% owned Granada Gold Property
near Rouyn-Noranda, Quebec, which is adjacent to the prolific Cadillac Break. The Company owns
14.73 square kilometers of land in a combination of mining leases and claims. The Company is
undergoing a large drill program with 30,000m out of 120,000m complete. The drills are currently
paused to provide the technical team with the necessary time to evaluate and assimilate existing
data.
The Granada Shear Zone and the South Shear Zone contain, based on historical detailed mapping as
well as from current and historical drilling, up to twenty-two mineralized structures trending east-
west over five and a half kilometers. Three of these structures were mined historically from four
shafts and three open pits. Historical underground grades were 8 to 10 grams per tonne gold from
two shafts down to 236 m and 498 m with open pit grades from 3.5 to 5 grams per tonne gold.
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Mineral Resource Estimate
On August 20, 2022 the Company released an updated NI 43-101 technical report supporting the
resource estimate update for the Granada Gold project (Please see July 6, 2022 news release)
reporting that the Granada deposit contains an updated mineral resource, at a base case cut-off grade
of 0.55 g/t Au for pit constrained mineral resources within a conceptual pit shell and at a base case
cut-off grade of 2.5 g/t for underground mineral resources within reasonably mineable
volumes, of 543,000 ounces of gold (8,220,000 tonnes at an average grade of 2.05 g/t Au) in the
Measured and Indicated category, and 456,000 ounces of gold (3,010,000 tonnes at an average grade
of 4.71 g/t Au) in the Inferred category. Please see Table 1 below for full details. Report reference:
Granada Gold Project Mineral Resource Estimate Update, Rouyn-Noranda, Quebec, Canada authored
by Yann Camus, P.Eng. and Maxime Dupéré, B.Sc, P.Geo., SGS Canada Inc. dated August 20th, 2022
and with an effective date of June 23rd, 2022.
Table 1: Mineral Resource Estimate Showing Tonnes, Average Grade, and Gold Ounces
Cut-Off
(g/t Au) Classification Type Tonnes Au (g/t) Gold Ounces
0.55 / 2.5 Measured1 InPit+UG 4,900,000 1.70 269,000
Indicated InPit+UG 3,320,000 2.57 274,000
Measured & Indicated InPit+UG 8,220,000 2.05 543,000
Inferred InPit+UG 3,010,000 4.71 456,000
(1) The 1930-1935 production was removed from these numbers (164,816 tonnes at 9.7 g/t Au / 51,400
ounces Au).
(2) The Independent QP for this resources statement is Yann Camus, P.Eng., SGS Canada Inc.
(3) The effective date is June 23rd, 2022.
(4) CIM (2014) definitions were followed for Mineral Resources.
(5) Mineral resources which are not mineral reserves do not have demonstrated economic viability. An
Inferred Mineral Resource has a lower level of confidence than that applying to a Measured and Indicated
Mineral Resource and must not be converted to a Mineral Reserve. It is reasonably expected that the
majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued
exploration.
(6) No economic evaluation of the resources has been produced.
(7) All figures are rounded to reflect the relative accuracy of the estimate. Totals may not add due to
rounding
(8) Composites have been capped where appropriate. The 2.5 m composites were capped at 21 g/t Au in the
thin rich veins and at 7 g/t Au in the low-grade volumes.
(9) Cut-off grades are based on a gold price of US$1,700 per ounce, a foreign exchange rate of US$0.78 for
CA$1, a processing gold recovery of 93%.
(10) Pit constrained mineral resources are reported at a cut-off grade of 0.55 g/t Au within a conceptual pit
shell
(11) Underground mineral resources are reported at a cut-off grade of 2.5 g/t Au within reasonably
mineable volumes.
(12) A fixed specific gravity value of 2.78 g/cm3 was used to estimate the tonnage from block model volumes
(13) There are no mineral reserves on the Property.
(14) The deepest resources reported are at a depth of 990 m.
(15) SGS is not aware of any known environmental, permitting, legal, title-related, taxation, socio-political,
marketing or other relevant issues that could materially affect the mineral resource estimate.
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(16) The results from the pit optimization are used solely for the purpose of testing the “reasonable prospects
for economic extraction” by an open pit and do not represent an attempt to estimate mineral reserves.
There are no mineral reserves on the Property. The results are used as a guide to assist in the preparation
of a mineral resource statement and to select an appropriate resource reporting cut-off grade.
The property includes the former Granada Gold underground mine which produced more than
50,000 ounces of gold at 10 grams per tonne gold in the 1930’s from two shafts before a fire
destroyed the surface buildings. In the 1990s, Granada Resources extracted a bulk sample (Pit #1)
of 87,311 tonnes grading 5.17 g/t Au. They also extracted a bulk sample (Pit # 2) of 22,095 tonnes
grading 3.46 g/t Au.
“Frank J. Basa”
Frank J. Basa, P. Eng.
Chief Executive Officer
For further information, Contact:
Frank J. Basa, P.Eng.
Chief Executive Officer
P: 416-625-2342
Or:
Wayne Cheveldayoff,
Corporate Communications
P: 416-710-2410
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of
the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This news release
may contain forward-looking statements which include, but are not limited to, comments that involve future
events and conditions, which are subject to various risks and uncertainties. Except for statements of historical
facts, comments that address resource potential, upcoming work programs, geological interpretations, receipt
and security of mineral property titles, availability of funds, and others are forward-looking. Forward-looking
statements are not guarantees of future performance and actual results may vary materially from those
statements. General business conditions are factors that could cause actual results to vary materially from
forward-looking statements. Canada Silver Cobalt Works Inc. does not undertake, and assumes no obligation, to
update or revise, any such forward-looking statements or forward-looking information contained herein or in
other communications to reflect new events or circumstances, except as may be required by law.